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Volcker: Banks Requested Two Years For Data Analysis (Then They Were Given 6 Months)
Forbes: The Volcker Rule, agreed last week by America’s largest financial regulatory bodies, gives some of the country’s biggest banks significantly less time than they asked for to prepare their data analysis and metrics reporting IT systems.
In order to comply with the reporting regulations, banks could require an extensive process overhaul, as well as major technology implementations around data analytics and business intelligence reporting. In some banks, tens of millions of dollars may need to be spent.
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